Just finished reading about Time-Space Percentage client case of Tom Copeland’s. It is a great example of why recordkeeping is so vidmate important for child care providers. The child care provider was audited – and determined – to owe $37,000. After an unsuccessful appeal process, the provider contacted Tom Copeland. Because the provider kept meticulous records, receipts, and other important documents, the case was revisited and settled for a fraction of the original determination. Instead of $37,000 – the client ended up owing $4,466. So, in addition to keeping detailed and accurate records, the other really important thing is to have a professional tax preparer – who understands your business and your expenses – completely.
Each year, Pat Michael holds a 3-hour seminar at the Mission Valley WYCA in San Diego on Tax and Recordkeeping a section on how to accurately calculate your time-space percentage, and suggested practices in recordkeeping. Sign up for our blog to keep up on latest news and developments, and read Tom Copeland’s article IRS Tax Court Accepts a Time-Space Percentage of 93%.